1-~ ToRRANCE MEMORIAL...,. MEDICAL CENTER

Transcription

1 1-~ ToRRANCE MEMORIAL....,. MEDICAL CENTER Torrance Memorial Medical Center Officer's Certification of Quarterly Financial Statements For the Period Ending June 30, 2015 August 3, 2015 This Officer's Certificate is being delivered pursuant to the Master Indenture of Trust Agreement for the Bond Indenture Series 20 I OA,B and C dated September I, 20 I 0 between Torrance Memorial Medical Center (the "Corporation") and the Bank of New York Mellon Trust Company N.A. (the "Master Trustee"). The undersigned officer of the Corporation hereby certifies that (i) the Obligated Group Financial Statements were prepared in accordance with generally accepted accounting principles and (ii) the Obligated Group Financial Statements reflect the results of the operations of only Members of the Obligated Group. IN WITNESS WHEREOF, the Corporation has caused this Officer' s Certificate to be executed on its behalf by the undersigned on and as of the first date written above. Torrance Memorial Medical Center By: Willia 3330 Lomita Boulevard, Torrance, California

2 1-~ ToRRANCE MEMORIAL...,_.,. MEDICAL CENTER Torrance Memorial Medical Center Officer's Certification of the Quarterly Report For the Period Ending June 30, 2015 August 3, 2015 This Officer' s Certificate is being executed pursuant to Section 3(E) ofthe Continuing Disclosure Agreement of that certain Master Indenture of Trust dated as of September I, 20 I 0 between Torrance Memorial Medical Center and the BNY Mellon Trust Company (the Trustee"). The undersigned officer of the Corporation hereby certifies to the Trustee that the financial information herein referred to as the "Quarterly Report" was (a) prepared in accordance with generally accepted accounting principles and (b) the financial information reflects the results of operations of only Members of the Obligated Group. IN WITNESS WHEREOF, the Corporation has caused this Officer' s Certificate to be executed on its behalf by the undersigned on and as of the first date written above. Torrance Memorial Medical Center By: Willian CFO 3330 Lomita Boulevard, Torrance, California

3 financial STATEMENT JUNE 2015

4 Balance Sheet As of June 30, 2015 Assets June 30, 2015 Current Assets: Cash 26,717,404 Receivables: Patient Accounts Receivable 586,036,796 Less Allowances (510,642,450) Net Receivables 75,394,346 Other Receivables 1,717,199 Inventory 11,182,656 Prepaid & Other Assets 20,972,080 Current Portion Assets Limited as to Use: Managed Care Reserve Fund 88,091,653 Board Designated funds- Current 5,000,000 CP 2001 Bond Reserve 1,850,000 Total Current Portion Assets Limited as to Use 94,941,653 Total Current Assets 230,925,338 Assets Limited as to Use, Net of Current Portion: Board Designated Funds 158,512,065 Bond Trust Funds 5,015,175 Other Restricted Funds 6,000,000 Total Assets Limited as to Use 169,527,240 Total Current Assets Including Assets Limited as to Use 400,452,578 Long Term Assets: Property, Plant & Equipment 1,090,651,326 Less Accumulated Depreciation (443,647,764) Net Property, Plant & Equipment 647,003,562 Interest in Foundation Net Assets 83,093,064 Other Assets: Other Long Term Assets 11,708,951 Grants- Temp Restricted 148,916 Intangible Assets 3,818,333 Total Long Term Assets 745,772,826 Total Assets 1,146,225,404

5 Balance Sheet As of June 30, 2015 June 30, 2015 Liabilities & Net Assets Current Liabilities: Current Installments of Long Term Debt Accounts Payable -Trade Accounts Payable - Medical Fees Estimated Third Party Settlements Accrued Wages & Payroll Accrued Combined Time Off Other Current Liabilities Non Conduit Risk Pool Conduit Risk Pool Self Insurance Health/Dental Self Insurance Workers Comp -Current Self Insurance Malpractice -Current Total Current Liabilities 1,850,000 25,803,118 3,011,975 6,912,818 7,358,006 18,180,839 7,081,780 52,692,528 88,395,485 2,755,277 5,013,000 1,612, ,666,826 Long Term Liabilities : Minimum Pension Liability Self Insurance Workers Comp-net of current portion Self Insurance Malpractice-net of current portion 79,109,165 12,570,476 3,994, Bonds Payable (pg. 9) 2010 Bonds Payable- 2010A (pg. 9) 2010 Bonds Payable B (pg. 9) 2010 Bonds Payable- 2010C (pg. 9) Other Deferred Income Total Long Term Liabilities 44,865, ,000,000 64,860,000 35,140, ,539,546 Net Assets: Unrestricted Net Assets Temporarily Restricted Funds Permanently Restricted Funds Total Net Assets 466,777,052 79,858,733 3,383, ,019,032 Total Liabilities & Net Assets 1,146,225,404

6 Statement of Revenue & Expense For June 2015 Fiscal Yea r-to-date Actual Year-to-Date Budget Total Inpatient Revenue 961,020, ,756,532 Total Outpatient Revenue 615,163, ,177,298 Total Patient Revenue 1,576,183,569 1,487,933,830 Deductions From Revenue (1,303,048,851) (1,228,865,969) Net Patient Revenue 273,134, ,067,861 Provision for Bad Debt (5,505,937) (7,050,000) Collectible Net Pt. Revenue 267,628, ,017,861 Other Operating Income 7,792,467 3,235,236 Total Operating Revenue 275,421, ,253,097 Operating Expenses- BIDA: Productive Pay 105,892,565 96,706,291 Employee Benefits 42,193,262 42,851,797 Supplies and Other Costs 101,313,390 90,368,703 Insurance 2,443,155 2,210,289 Total Operating Expenses - BIDA 251,842, ,137,080 Operating Gain (Loss) - EBIDA 23,578,876 23,116,017 Depreciation 22,377,922 23,894,748 Interest Expense 5,493,020 5,525,342 Operating Gain (Loss) (4,292,066) (6,304,073) Non-Operating Income: Investment Income 1,534,838 3,528,300 Non-Operating lncome(expense) (1,418,271) (1,372,821) Excess Revenue Over Expense (4,175,499) (4,148,594) Holding Gains/Losses 975,945 0 Net Additions to Equity (3,199,554) (4,148,594)

7 Statement of Changes in Cash Position For June 2015 Fiscal Year-to-Date 2015 Net Cash Flow from Operating Activities Excess ofrevenue over Expense ( 4, 175,499) Non-Cash Items in Income Depreciation Changes in Accounts Receivable, Inventory, Prepaids and Other Assets Changes in Current Liabilities (Excluding Bonds, Conduit Liab. And Capital Year-End Accruals) Changes in Long-Term Selfinsurance Net Cash Flow from Operating Activities 22,377,922 14,969,084 (15,329,183) 677,381 18,519,705 Cash Flows from Financing Activities Changes in Long-Term Bonds/Notes Change in Conduit Liability Change in Foundation Capital Support Change in Foundation Tower Transition Minimum Pension Liability Net Cash Provided by Financing Activities (1,755,000) (12,696,118) (14,451,118) Cash Used in Investing Activities Change in Capital Equipment Change in Board Approved Projects Disposals of Equipment Holding Gain/Loss Amortization of Goodwill Year-End CIP Accrual Net Cash Used in Investing Activities (2,81 0,648) (15,598,274) (74,555) 975,945 (12, 143) (3,929,288) (21,448,963) Net Increase (Decrease) in Cash {17,380,3762 NOTE: Total Cash Includes Cash plus Assets Limited as to Use

8 Statement of Changes in Net Assets For June 2015 Fiscal Year-to-Date 2015 Unrestricted net assets: Beginning Balance 469,976,606 Net additions to Equity (3,199,554) Change in Foundation Capital Support 0 Minimum Pension Liability Adjustments 0 Total unrestricted net assets 466,777,052 Restricted net assets: Beginning Balance 79,291,442 Change in Funds - Temp Restricted 3,861,265 Change in Foundation- Temp Restricted 89,273 Change in Foundation- Temp Restricted 0 Change in Foundation Capital Support 0 Total Restricted Net Assets 83,241,980

9 Torrance Memorial Medical Center Historic Utilization The Corporation's utilization statistics for its three fiscal years ended December 31, 2014 and for the fiscal quarters ended June 30, 2015 and June 30, 2014 are presented below. Historic Utilization Inpatient Statistics: Licensed beds Beds in use Discharges* Patient Days Inpatient surgeries Newborn discharges Average length of stay (acute days)* Percent occupancy (beds in use)* Fiscal Years Ended December 31, ,964 23,215 97,210 95,384 6,409 6,284 3,150 3, % 73% , ,882 6,560 3, % Fiscal Quarter Ended June 30, ,206 5,896 26,996 23,751 1,790 1, % 69% Outpatient Statistics: Emergency visits Outpatient visits Outpatient surgeries 70, ,234 10,787 63, ,454 10,996 64, ,881 10,955 18,921 73,003 2,388 17,330 67,437 2,852 *Excludes newborns. Source: Corporation HistorUtilizJune2015.xls